So I had made up my mind to resign from JPM (New York) and look for a new role. Looking is what I did and am close to getting a new offer. When I looked into the resignation process, I see that my notice period is 6 bloody months!! According to the new policy, any tech role related to etrading has a 6 month notice period. I was in disbelief, I checked my offer letter and "whoops there it is". My fault completely for overlooking this section before deciding to interview. Assuming I get the new offer (very likely), what are my options? I am thinking of giving a resonable notice (1-2 months) and saying peace. However, I am worried about any legal repurcussions. I would be okay with staying for 6 months but I am pretty sure the new employer will rescind the offer and not wait 6 months. TC: ~400k YOE: 15 #finance #jpmorgan #jpmorganchase
I’ve never heard of notice periods like this in the US. At-will employment.
So my offer letter does state that it's an at-will employment as well as that I need to give 6 months notice period. I don't know which takes precendence.
Unless you’re on a visa or given a bonus to be paid back, zero notice is required except to maintain a good professional reference by those who know you
Good morning Mr. Manager. I'm putting in my notice. I see my notice period is 6 months, and I intend to honor that. However I will not be performing any work during that time. Thanks for taking my call, see you in stand-up tomorrow! Every day at stand-up: I didn't do anything yesterday and I'm not doing anything today either. This is not legal advice.
So doing this if they hold me for 6 months and the other offer gets rescinded.
You may think it is a noncompete. Most financial companies are used to wait you for 6-12months. You are so experienced (14yoe). I even saw two years waiting. Check with your next employer. Negotiate with JPM, they may release you early. Do absolutely minimal work just for handover tasks, no standup, no new task, no show in office. Only answer questions about existing tasks handover.
Work both jobs for a couple months
I agree. If possible, unless there is a noncompete/competitor clause if you’re staying in the same industry.
Non-compete clause applies unfortunately.
They can't prevent you still from resigning in NY for it but they can be punitive in punishment on your way out where they'll only have to pay wages for time worked but not for any unused vacation or such they may have otherwise.
Thanks! Perfectly fine with them just paying wages and even blacklisting me. I am just worried that they will try to claw back bonus that was paid in Jan or some other legal action.
There would need to be specific language in your offer letter on any clawback.
Sounds like accidental verbiage from a UK or APAC contract? If you’re in NY, it’s at will. Good luck!
Thank you! I hope so, will be getting a lawyer to sort all this out.
Pay $500 for an attorney. We won’t be able to help you with this question.
Indeed! Just doing some general info gathering but will def. get a lawyer before making a decision.
Is the 6 months a non compete period? There are cases where there are separate long notice period and non compete periods in your employment contract. In the worst they they could choose to enforce both to their entirety. After you say yes to the verbal offer, you can ask the new company's attorney to review your contract and come up with reasonable start date range (assuming your new team doesn't have a problem with additional lag). This start date could have additional days as buffer. When you resign, your current HR should also tell you when is the soonest you can start at the new place. That is when you should finalize the new start date. There is a bit of discretion in exercising both notice period and noncompete so you should explore this avenue with your current manager as well.
Thanks for this! So luckily I don't see anything related to non-compete in the offer letter. I just have 6 months of notice. I will be asking the new company to take a look at the offer letter. However I am just a bit concerned that the new company will rescind the offer rather than going through all this hassle. Only saving grace is that the new role is a quant role on the buy side (not as easy to fill compared to a pure dev role) AND they themselves have a notice period of 6 months (so maybe they will be more understanding).
6 month wait is usually non issue for a quant role since it's at the low end for a non compete, but you might also want to make sure they haven't been under the impression that you can start immediately.
Hey! You made the NYP! The media is now secretly lurking on Blind! https://nypost.com/2023/03/03/jpmorgan-chase-requires-workers-give-6-months-notice/
About to say that and saw your comment
Does New York have at-will law? I am in CA, my contract was saying 3 months but I left the next day as at will overrides it
I love CA
A quick search tells me that NY does have at-will law. But I do wonder, if "at-will" law supersedes notice period then why put it at all in the offer letter.